I.N.D.I.A bloc parties on Tuesday held a protest in the Parliament premises demanding the rollback of Goods and Services Tax (GST) on life and health insurance premiums. Currently, the Centre government levies 18 per cent GST on life and health insurance premiums. Members of Parliament (MPs) from various parties such as TMC, Congress, AAP and NCP (SC), among others, joined the demonstration on the steps leading to the Makar Dwar of Parliament.
The protesting MPs, while holding placards in their hands reading "Tax terrorism", raised slogans to press their demand.
Earlier, TMC MPs raised the issue in Parliament and party president and West Bengal Chief Minister Mamata Banerjee wrote to Union Finance Minister Nirmala Sitharaman on the matter.
Gadkari also supports demand
Interestingly, Union Minister of Road Transport and Highways Nitin Gadkari also requested Finance Minister Nirmala Sitharaman to withdraw the 18 per cent GST on life and medical insurance premiums.
In his letter to the Finance Minister, Gadkari raised concerns of the Nagpur Division Life Insurance Corporation Employees Union, which had submitted to him a memorandum regarding the issues of the insurance industry.
Referring to the memo, the minister said, "Levying GST on life insurance premiums amounts to levying tax on the uncertainties of life. The Union feels that the person who covers the risk of life's uncertainties to give protection to the family should not be levied tax on the premiums to purchase cover against this risk."
(With PTI inputs)
